Mid Penn Bancorp Stock Forecast
Mid Penn Bancorp stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 26, 2024)
The Mid Penn Bancorp stock price fell by -0.572% on the last day (Friday, 26th Apr 2024) from $20.98 to $20.86. During the last trading day the stock fluctuated 3.48% from a day low at $20.67 to a day high of $21.39. The price has been going up and down for this period, and there has been a 6% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -10 thousand shares and in total, 29 thousand shares were bought and sold for approximately $594.80 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -6.93% during the next 3 months and, with a 90% probability hold a price between $17.68 and $19.92 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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MPB Signals & Forecast
The Mid Penn Bancorp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $20.52 and $20.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 8.65%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Mid Penn Bancorp stock
Mid Penn Bancorp finds support from accumulated volume at $20.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.720 between high and low, or 3.48%. For the last week the stock has had daily average volatility of 3.43%.
Our recommended stop-loss: $20.08 (-3.74%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (MPB) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Mid Penn Bancorp to open at $20.97, and during the day (based on 14 day Average True Range), to move between $20.23 and $21.49, which gives a possible trading interval of +/-$0.634 (+/-3.04%) up or down from last closing price. If Mid Penn Bancorp takes out the full calculated possible swing range there will be an estimated 6.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $20.98 (0.58%) than the support at $20.50 (1.73%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Mid Penn Bancorp stock A Buy?
Mid Penn Bancorp holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.404 Hold/Accumulate Downgraded
Predicted Opening Price for Mid Penn Bancorp of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $20.97 ( 0.543%) | $20.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MPB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.69 | 3.99 % | |
| R2 | 21.42 | 2.68 % | ||
| R1 | 21.25 | 1.86 % | ||
| Current price: | 20.86 | |||
| Support | S1 | 20.70 | -0.775 % | |
| S2 | 20.53 | -1.59 % | ||
| S3 | 20.25 | -2.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.15 | 6.18 % | |
| R2 | 21.60 | 3.55 % | ||
| R1 | 20.98 | 0.575 % | ||
| Current price | 20.86 | |||
| Support | S1 | 20.50 | -1.73% | |
| S2 | 19.90 | -4.60% | ||
| S3 | 19.79 | -5.13% |
MPB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 09, 2024 | May 27, 2024 | $0.200 | 0.96% |
| 2 | Jan 24, 2024 | Feb 08, 2024 | Feb 20, 2024 | $0.200 | 0.95% |
| 3 | Oct 25, 2023 | Nov 09, 2023 | Nov 27, 2023 | $0.200 | 0.94% |
| 4 | Jul 26, 2023 | Aug 09, 2023 | Aug 28, 2023 | $0.200 | 0.90% |
| 5 | Apr 26, 2023 | May 09, 2023 | May 22, 2023 | $0.200 | 0.90% |
FAQ
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